MarkCrest – Step 9 | Infringement, Protocols, Litigation, Costs
This is one of the pieces of the process most do not pay enough attention. Value has been created with the IP and value can be created outside the IP with monetization and that process needs to have integrity without cost of legal actions related to infringement.
Infringement is a double edged sword. You are creating value someone else wants or wishes they had created. On the flip side you would not want to infringe on IP that you do not own if you are monitoring others practices.
The next consideration is would you even know if you were infringing on other IP. Would you know if someone was infringing on your IP. Do you know what harm is being done if someone infringes on your IP. There is a solution. A strict protocol of checking through searches of licenses and recently published applications. If you wish to pursue someone that you believe has infringed on your IP you need to know what other IP is in the market and what types of licensing has been done with those groups as you may have the wrong target.
Unfortunately ignorance of the regulation isn't an excuse and entrepreneurs and organization need to to allocate finances wisely when it comes to infringement as the cost to pursue and infringement case can be costly, very costly.
If you have the protocols in place you can create standards using an infringement subscription service to alert you if it is possible you or someone else is infringing on a specific type of IP. This can help make certain you are not infringing as well. It can also provide a record of the processes you used to make sure you were not infringing on any one else and mitigate if there is any litigation that cost.
Properly drafted agreements will assist in demonstrating a code of behavior and also that you as an entrepreneur or organization were putting in place the processes to make sure you were current in the information you used for decision making processes.
It should be noted that without this type of monitoring or understanding of infringement including in any agreements there could be a scenario where your team mate or employee causes costs that you may have not considered possible. Something you could deem inconsequential could also provide a basis for an attorney to start and action that could cost more than any potential infringement.
We have all heard about the YouTube deletion of videos or blocking of accounts for infringement. What if the happened during a crowdfunding or other effort to provide capital for your organization or project. It could be a critical blow you could avoid by reviewing simple best practices of infringement of IP. One bit twice shy!
Step 7: Ownership
This should be part of any IP protocol or policy that there is an regular audit to assure the IP is being optimized and kept relevant. Click here...
Step 10: Document
Be prepared to have all your so called ducks in a row. If you are working on a monetization or liquidity event then you will need to have the same documentation as you would if you decided to create a public company. Click here...
Steps 5 to 7 - Access, Agreements, Ownership
Important steps to monetization. Create policies surrounding your intellectual property. Understand what access means and how to protect. Create agreements to protect access and value. Document ownership.
Steps 8 to 10 - Audits, Infringement, Documentation
It is important to audit your intellectual property and status of each asset. It is also important to understand what infringement means and the best way to approach whether you are infringing or being infringed. Documentation will ultimately be the most important piece of the monetization process. Think of it as a documented audit trail.